Cipher Mining (NASDAQ:CIFR) Stock Price Down 3% on Analyst Downgrade

Cipher Mining Inc. (NASDAQ:CIFR) traded down 3% during trading on Tuesday after Cantor Fitzgerald lowered their price target on the stock from $11.00 to $10.00. Cantor Fitzgerald currently has an overweight rating on the stock. Cipher Mining traded as low as $5.70 and last traded at $5.65. 913,514 shares changed hands during mid-day trading, a decline of 92% from the average session volume of 12,056,412 shares. The stock had previously closed at $5.82.

Several other brokerages have also recently weighed in on CIFR. Keefe, Bruyette & Woods started coverage on shares of Cipher Mining in a research report on Wednesday, January 8th. They issued an “outperform” rating for the company. Northland Securities upped their target price on Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. BTIG Research lifted their price target on Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a report on Friday, November 15th. HC Wainwright restated a “buy” rating and set a $7.00 price objective on shares of Cipher Mining in a research note on Friday, November 1st. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $7.50 target price on shares of Cipher Mining in a research note on Friday, January 31st. Ten equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Cipher Mining currently has a consensus rating of “Buy” and an average target price of $8.14.

Insiders Place Their Bets

In related news, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the company’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $6.60, for a total value of $1,980,000.00. Following the completion of the transaction, the insider now owns 98,747,588 shares of the company’s stock, valued at approximately $651,734,080.80. This represents a 0.30 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Patrick Arthur Kelly sold 53,161 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $7.16, for a total value of $380,632.76. Following the completion of the sale, the chief operating officer now owns 664,270 shares of the company’s stock, valued at $4,756,173.20. This trade represents a 7.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 356,281 shares of company stock worth $2,384,189. Corporate insiders own 2.25% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

Hedge funds have recently made changes to their positions in the company. Nisa Investment Advisors LLC grew its stake in Cipher Mining by 912.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 6,027 shares of the company’s stock valued at $28,000 after acquiring an additional 5,432 shares in the last quarter. Farther Finance Advisors LLC purchased a new position in Cipher Mining in the 3rd quarter worth approximately $33,000. W Advisors LLC acquired a new position in shares of Cipher Mining during the 3rd quarter worth approximately $45,000. KBC Group NV purchased a new stake in shares of Cipher Mining in the fourth quarter valued at approximately $46,000. Finally, Prospect Financial Services LLC acquired a new stake in shares of Cipher Mining in the third quarter valued at approximately $47,000. Institutional investors and hedge funds own 12.26% of the company’s stock.

Cipher Mining Stock Performance

The stock has a 50-day moving average of $5.65 and a 200 day moving average of $4.97. The stock has a market cap of $2.02 billion, a PE ratio of -44.69 and a beta of 2.40. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01.

Cipher Mining Company Profile

Cipher Mining Inc, together with its subsidiaries, engages in the development and operation of industrial scale bitcoin mining data centers in the United States. The company was incorporated in 2020 and is based in New York, New York. Cipher Mining Inc operates as a subsidiary of Bitfury Holding B.V.